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1 Page 1 Insolvency (Scotland) Rules 1986 (SI 1986/1915) Citation and commencement Application Part 1Company Voluntary Arrangements Chapter 1Preliminary Scope of this Part; interpretation Chapter 2 Proposal by Directors Preparation of proposal Contents of proposal Notice to intended nominee Statement of affairs Additional disclosure for assistance of nominee Nominees report on the proposal [1.8 Replacement of nominee] Summoning of meetings under section Chapter 3 Proposal by Administrator or Liquidator where he is the Nominee Preparation of proposal Summoning of meetings under section Chapter 4 Proposal by Administrator or Liquidator where Another Insolvency Practitioner is the Nominee Preparation of proposal and notice to nominee Chapter 5 Meetings General Summoning of meetings [1.14A The Chairman at meetings] Attendance by company officers [1.15A Entitlement to vote (creditors)] [1.15B Procedure for admission of creditors' claims for voting purposes] [1.16 Adjournments] Report of meetings Chapter 6 Implementation of the Volundary Arrangement Resolutions to follow approval [1.18A Notice of order made under section 4A(6)] Hand-over of property, etc to supervisor Revocation or suspension of the arrangement Supervisor's accounts and reports Fees, costs, charges and expenses [1.23 Completion or termination of the arrangement]... 27

2 Page [Chapter 7 Obtaining a Moratorium, Proceedings During a Moratorium, Nominees, Consideration of Proposals where Moratorium Obtained [Section A: Obtaining a Moratorium] [1.25 Preparation of proposal by directors and submission to nominee] [1.26 Delivery of documents to the intended nominee etc] [1.27 Statement of affairs] [1.28 The nominee's statement] [1.29 Documents submitted to the court to obtain moratorium] [1.30 Notice and advertisement of beginning of a moratorium] [1.31 Notice of extension of moratorium] [1.32 Notice and advertisement of end of moratorium] [1.33 Inspection of court file] [Section B: Proceedings During a Moratorium] [1.34 Disposal of charged property etc during a moratorium] [Section C: Nominees] [1.35 Withdrawal of nominee's consent to act] [1.36 Replacement of nominee by the court] [1.37 Notification of appointment of a replacement nominee] [1.38 Applications to court under paragraph 26 or 27 of Schedule A1 to the Act] [Section D: Consideration of Proposals where Moratorium Obtained] [1.39 General] [1.40 Summoning of meetings; procedure at meetings etc] [1.41 Entitlement to vote (creditors)] [1.42 Procedure for admission of creditors claims for voting purposes] [1.43 Requisite majorities (creditors)] [1.44 Proceedings to obtain agreement on the proposal] [1.45 Implementation of the arrangement] [Chapter 8 EC Regulation Conversion of Voluntary Arrangement into Winding Up.. 35 [1.46 Application for conversion into winding up] [1.47 Contents of affidavit] [1.48 Power of court] [Chapter 9 EC Regulation Member State Liquidator [1.49 Notice to member State liquidator] [Part 2 Administration Procedure [Chapter 1 Preliminary... 37

3 Page 3 [2.1 Introductory and interpretation] [Chapter 2 Appointment of Administrator by Court [2.2 Form of application] [2.3 Service of petition] [2.4 Application to appoint specified person as administrator by holder of qualifying floating charge] [2.5 Application where company in liquidation] [2.6 Expenses] [2.7 Administration orders where company in liquidation] [2.8 Notice of dismissal of application for an administration order] [Chapter 3 Appointment of Administrator by Holder of Floating Charge [2.9 Notice of intention to appoint] [2.9A...] [2.9B...] [2.10 Notice of appointment] [2.11 Notice to administrator] [2.12 Appointment taking place out of court business hours] [Chapter 4 Appointment of Administrator by Company or Directors] [2.13 Notice of intention to appoint] [2.14 Timing of statutory declaration] [2.15 Resolution or decision to appoint] [2.16 Notice of appointment] [2.17 Appointment where no notice of intention to appoint has been given] [2.18 Notice to administrator] [Chapter 5 Process of Administration] [2.19 Notification and advertisement of administrator's appointment] [2.20 Notice requiring statement of affairs] [2.21 Statements of affairs and statements of concurrence] [2.22 Limited disclosure] [2.23 Release from duty to submit statement of affairs; extension of time] [2.24 Expenses of statement of affairs] [2.25 Administrator's proposals] [Chapter 6 Meetings] [2.26 General] [2.27 Meetings to consider administrator's proposals] [2.28 Correspondence instead of creditors' meetings] [2.29 Applicable law] [2.30 Entitlement to vote--member State liquidators] [2.31 Meeting requisitioned by creditors] [2.32] [2.33 Hire-purchase, conditional sale and hiring agreements] [2.34 Revision of the administrator's proposals]... 53

4 Page 4 [2.35 Notices to creditors] [Chapter 7 The Creditors Committee [2.36 Application of provisions in Part 3 (Receivers)] [Chapter 8 Functions and Remuneration of Administrator] [2.37 Disposal of secured property, etc] [2.38 Progress reports] [2.39 Determination of outlays and remuneration] [2.39A Appeal against fixing of remuneration] [Chapter 8A Expenses of the Administration [2.39B Expenses of the administration] [Chapter 9 Distributions to Creditors] [2.40] [2.41] [2.41A Payments of dividends] [Chapter 10 Ending Administration] [2.42 Final progress reports] [2.43 Notice of automatic end of administration] [2.44 Applications for extension of administration] [2.45 Notice of end of administration] [2.46 Application to court] [2.47 Moving from administration to creditors' voluntary liquidation] [2.48 Moving from administration to dissolution] [Chapter 11 Replacing Administrator [2.49 Grounds for resignation] [2.50 Notice of intention to resign] [2.51 Notice of resignation] [2.52 Incapacity to Act, through death or otherwise] [2.53 Application to replace] [2.54] [2.55 Joint or concurrent appointments] [2.56 Application to court to remove administrator from office] [Chapter 12 EC Regulation Conversion of Administration to Winding Up [2.57 Application for conversion into winding up] [2.58 Contents of affidavit] [2.59 Power of court] [Chapter 13 EC Regulation Member State Liquidator [2.60 Interpretation of creditor and notice to member State liquidator] Part 3 Receivers... 70

5 Page 5 Chapter 1 Appointment Acceptance of Appointment Chapter 2 Statement of Affairs Notice requiring statement of affairs Expenses of statement of affairs Chapter 3 The Creditors Committee Constitution of committee Functions of the committee Application of provisions relating to liquidation committee Information from receiver Members' dealings with the company [3.8A Prescribed part] Chapter 4 Miscellaneous Abstract of receipts and payments Receiver deceased Vacation of office Chapter 5 VAT Bad Debt Relief Issue of certificate of insolvency Notice to creditors Preservation of certificate with company's records Part 4 Winding Up by the Court Chapter 1 Provisional Liquidator Appointment of provisional liquidator Order of appointment Caution Failure to find or to maintain caution Remuneration Termination of appointment Chapter 2 Statement of Affairs Notice requiring statement of affairs Form of the statement of affairs Expenses of statement of affairs Chapter 3 Information Information to creditors and contributories Information to registrar of companies Chapter 4 Meetings of Creditors and Contributories First meetings in the liquidation Other meetings Attendance at meetings of company's personnel... 81

6 Page 6 Chapter 5 Claims in Liquidation Submission of claims Application of the Bankruptcy Act Claims in foreign currency Chapter 6 The Liquidator Section A: Appointment and Functions of Liquidator Appointment of liquidator by the court Appointment by creditors or contributories Authentication of liquidator's appointment Hand-over of assets to liquidator [4.22 Taking possession and realisation of the company's assets] Section B: Removal and Resignation: Vacation of Office Summoning of meeting for removal of liquidator Procedure on liquidator's removal Release of liquidator on removal Removal of liquidator by the court Advertisement of removal Resignation of liquidator Action following acceptance of liquidator's resignation Leave to resign granted by the court Section C: Release on Completion of Winding Up Final meeting Section D: Outlays and Remuneration Determination of amount of outlays and remuneration Recourse of liquidator to meeting of creditors Recourse to the court Creditors' claim that remuneration is excessive Section E: Supplementary Provisions Liquidator deceased Loss of qualification as insolvency practitioner Power of court to set aside certain transactions Rule against solicitation Chapter 7 The Liquidation Committee Preliminary Membership of committee Formalities of establishment Committee established by contributories Obligations of liquidator to committee Meetings of the committee The chairman at meetings Quorum... 98

7 Page Committee members' representatives Resignation Termination of membership Removal Vacancy (creditor members) Vacancy (contributory members) Voting rights and resolutions Resolutions by post Liquidator's reports Expenses of members, etc Dealings by committee-members and others Composition of committee when creditors paid in full [4.59A Formal defects] Chapter 8 The Liquidation Committee where Winding Up Follows Immediately on Administration Preliminary Continuation of creditors' committee Membership of committee Liquidator's certificate Obligations of liquidator to committee Application of Chapter Chapter 9 Distribution of Company s Assets by Liquidator Order of priority in distribution Order of priority of expenses of liquidation Application of the Bankruptcy Act Chapter 10 Special Manager Appointment and Remuneration Caution Failure to find or to maintain caution Accounting Termination of appointment Notice of order for public examination Order on request by creditors or contributories Chapter 12 Miscellaneous Limitation Dissolution after winding up Chapter 13 Company with Prohibited Name Preliminary Application for leave under section 216(3) [4.80 First excepted case] [4.81 Second excepted case]

8 Page Third excepted case [Chapter 14 EC Regulation Member State Liquidator] [4.83 Interpretation of creditor and notice to member State liquidator] [Chapter 15 EC Regulation Creditors Voluntary Winding Up Confirmation by the Court] [4.84 Application for confirmation] [4.85 Notice to member State liquidator and creditors in member States] Part 5 Creditors Voluntary Winding Up Application of Part Part 6 Members Voluntary Winding Up Application of Part Part 7 Provisions of General Application Chapter 1 Meetings Scope of Chapter Summoning of meetings Notice of meeting Additional notices in certain cases Chairman of meetings Meetings requisitioned Quorum Adjournment Entitlement to vote (creditors) Entitlement to vote (members and contributories) Chairman of meeting as proxy holder Resolutions Report of meeting [Chapter 1A Prescribed Part [7.13A Application under section 176A(5) to disapply section 176A] [7.13B Notice of order under section 176A(5)] Chapter 2 Proxies and Company Representation Definition of "proxy" Form of proxy Use of proxy at meeting Retention of proxies Right of inspection Proxy-holder with financial interest Representation of corporations [7.20A Interpretation of creditor] Chapter 3 Miscellaneous Giving of notices, etc Sending by post

9 Page Certificate of giving notice, etc Validity of proceedings Evidence of proceedings at meetings Right to list of creditors and copy documents Confidentiality of documents Insolvency practitioner's caution Punishment of offences Forms for use in insolvency proceedings Fees, expenses, etc Power of court to cure defects in procedure Sederunt book [7.34 Disposal of company's books, papers and other records] [7.35 Information about time spent on a case--administration and company voluntary arrangements] [7.36 Information about time spent on a case] SCHEDULES SCHEDULE MODIFICATIONS OF PART 4 IN RELATION TO CREDITORS' VOLUNTARY WINDING UP SCHEDULE APPLICATION OF PART 4 IN RELATION TO MEMBERS' VOLUNTARY WINDING UP SCHEDULE DEPOSIT PROTECTION BOARD'S VOTING RIGHTS SCHEDULE PUNISHMENT OF OFFENCES UNDER THE RULES SCHEDULE FORMS EXPLANATORY NOTE

10 Page 10 Insolvency (Scotland) Rules 1986 (SI 1986/1915) Made 10th November 1986 Laid before Parliament 26th November 1986 Coming into Operation 29th December 1986 The Secretary of State, in exercise of the powers conferred on him by section 411 of the Insolvency Act 1986 and of all other powers enabling him in that behalf, hereby makes the following Rules: Citation and commencement These Rules may be cited as the Insolvency (Scotland) Rules 1986 and shall come into operation on 29th December Interpretation (1) In these Rules "the Act" means the Insolvency Act 1986; "the Companies Act" means the Companies Act 1985; ["the Banking Act" means the Banking Act 1987;] "the Bankruptcy Act" means the Bankruptcy (Scotland) Act 1985; "the Rules" means the Insolvency (Scotland) Rules 1986; "accounting period" in relation to the winding up of a company, shall be construed in accordance with section 52(1) and (6) of the Bankruptcy Act as applied by Rule 4.68; ["authorised person" is a reference to a person who is authorised pursuant to section 389A of the Act to act as nominee or supervisor of a voluntary arrangement proposed or approved under Part I or Part VIII of the Act;] "business day" means any day other than a Saturday, a Sunday, Christmas Day, Good Friday or a day which is a bank holiday in any part of Great Britain; ["centre of main interests" has the same meaning as in the EC Regulation;] "company" means a company which the courts in Scotland have jurisdiction to wind up; ["EC Regulation" means Council Regulation (EC) No 1346/2000 of 29th May 2000 on insolvency proceedings;] ["establishment" has the meaning given by Article 2(h) of the EC Regulation;]

11 Page 11 "insolvency proceedings" means any proceedings under the first group of Parts in the Act or under these Rules; ["main proceedings" means proceedings opened in accordance with Article 3(1) of the EC Regulation and falling within the definition of insolvency proceedings in Article 2(a) of the EC Regulation, and (a) in relation to England and Wales and Scotland set out in Annex A to the EC Regulation under the heading "United Kingdom"; and (b) in relation to another member State, set out in Annex A to the EC Regulation under the heading relating to that member State;] ["member State liquidator" means a person falling within the definition of liquidator in Article 2(b) of the EC Regulation appointed in proceedings to which it applies in a member State other than the United Kingdom;] ["prescribed part" has the same meaning as it does in section 176A(2)(a) of the Act;] ["proxy-holder" shall be construed in accordance with Rule 7.14;] "receiver" means a receiver appointed under section 51 (Receivers (Scotland)); "responsible insolvency practitioner" means, in relation to any insolvency proceedings, the person acting as supervisor of a voluntary arrangement under Part I of the Act, or as administrator, receiver, liquidator or provisional liquidator; ["secondary proceedings" means proceedings opened in accordance with Articles 3(2) and 3(3) of the EC Regulation and falling within the definition of winding-up proceedings in Article 2(c) of the EC Regulation, and (a) in relation to England and Wales and Scotland, set out in Annex B to the EC Regulation under the heading "United Kingdom"; and (b) in relation to another member State, set out in Annex B to the EC Regulation under the heading relating to that member State;] ["territorial proceedings" means proceedings opened in accordance with Articles 3(2) and 3(4) of the EC Regulation and falling within the definition of insolvency proceedings in Article 2(a) of the EC Regulation, and (a) in relation to England and Wales and Scotland, set out in Annex A to the EC Regulation under the heading "United Kingdom"; and (b) in relation to another member State, set out in Annex A to the EC Regulation under the heading relating to that member State]. (2) In these Rules, unless the context otherwise requires, any reference-- (a) to a section is a reference to a section of the Act; (b) to a Rule is a reference to a Rule of the Rules;

12 Page 12 (c) (d) to a Part or a Schedule is a reference to a Part of, or Schedule to, the Rules; to a Chapter is a reference to a Chapter of the Part in which that reference is made. 0.3 Application These Rules apply-- (a) to receivers appointed, and (b) to all other insolvency proceedings which are commenced, on or after the date on which the Rules come into operation. 1.1 Scope of this Part; interpretation Part 1 Company Voluntary Arrangements Chapter 1 Preliminary (1) The Rules in this Part apply where, pursuant to Part I of the Act, it is intended to make and there is made a proposal to a company and to its creditors for a voluntary arrangement, that is to say, a composition in satisfaction of its debts or a scheme of arrangement of its affairs. (2) In this Part-- [(a) Chapter 2 applies where the proposal for the voluntary arrangement is made by the directors of the company and (i) the company is neither in liquidation nor is [in administration]; and (ii) no steps have been taken to obtain a moratorium under Schedule A1 to the Act in connection with the proposal;] (b) Chapter 3 applies where the company is in liquidation or [administration] and the proposal is made by the liquidator or (as the case may be) the administrator, he in either case being the nominee for the purposes of the proposal; [(c) Chapter 4 applies in the same case as Chapter 3, but where the nominee is not the liquidator or administrator; (d) Chapters [5, 6, and 8] apply in all the three cases mentioned in sub-paragraphs (a) to (c) above; and

13 Page 13 (e) Chapter 7 applies where the proposal is made by the directors of an eligible company with a view to obtaining a moratorium.] (3) In Chapters 3, 4 and 5 the liquidator or the administrator is referred to as the "responsible insolvency practitioner". [(4) In this Part, a reference to an "eligible company" is to a company that is eligible for a moratorium in accordance with paragraph 2 of Schedule A1 to the Act.] 1.2 Preparation of proposal Chapter 2 Proposal by Directors The directors shall prepare for the intended nominee a proposal on which (with or without amendments to be made under Rule 1.3 below) to make his report to the court under section Contents of proposal (1) The directors' proposal shall provide a short explanation why, in their opinion, a voluntary arrangement under Part I of the Act is desirable, and give reasons why the company's creditors may be expected to concur with such an arrangement. (2) The following matters shall be stated, or otherwise dealt with, in the directors' pro- posal-- (a) the following matters, so far as within the directors' immediate knowledge-- (i) the company's assets, with an estimate of their respective values; (ii) the extent (if any) to which the assets are subject to any security in favour of any creditors; (iii) the extent (if any) to which particular assets of the company are to be excluded from the voluntary arrangement; (b) particulars of any property other than assets of the company itself, which is proposed to be included in the arrangement, the source of such property and the terms on which it is to be made available for inclusion; (c) the nature and amount of the company's liabilities (so far as within the directors' immediate knowledge), the manner in which they are proposed to be met, modified, postponed or otherwise dealt with by means of the arrangement and (in particular)-- (i) how it is proposed to deal with preferential creditors (defined in section 386) and creditors who are, or claim to be, secured;

14 Page 14 (ii) how persons connected with the company (being creditors) are proposed to be treated under the arrangement; and (iii) whether there are, to the directors' knowledge, any circumstances giving rise to the possibility, in the event that the company should go into liquidation, of claims under-- section 242 (gratuitous alienations), section 243 (unfair preferences), section 244 (extortionate credit transactions), or section 245 (floating charges invalid); and, where such circumstances are present, whether, and if so how, it is proposed under the voluntary arrangement to make provision for wholly or partly indemnifying the company in respect of such claims; [(ca) to the best of the directors' knowledge and belief-- (i) an estimate of the value of the prescribed part, should the company go into liquidation if the proposal for the voluntary arrangement is not accepted, whether or not section 176A is to be disapplied, and (ii) an estimate of the value of the company's net property on the date that the estimate is made, provided that such estimates shall not be required to include any information the disclosure of which could seriously prejudice the commercial interests of the company, but if such information is excluded the estimates shall be accompanied by a statement to that effect;] (d) whether any, and if so what, cautionary obligations (including guarantees) have been given of the company's debts by other persons, specifying which (if any) of the cautioners are persons connected with the company; (e) the proposed duration of the voluntary arrangement. (f) the proposed dates of distribution to creditors, with estimates of their amounts; [(fa) how it is proposed to deal with the claim of any person who is bound by the arrangement by virtue of section 5(2)(b)(ii);] (g) the amount proposed to be paid to the nominee (as such) by way of remuneration and expenses; (h) the manner in which it is proposed that the supervisor of the arrangement should be remunerated and his expenses defrayed; (i) whether, for the purposes of the arrangement, any cautionary obligations (including guarantees) are to be offered by directors, or other persons, and whether (if so) any security is to be given or sought;

15 Page 15 (j) the manner in which funds held for the purposes of the arrangement are to be banked, invested or otherwise dealt with pending distribution to creditors; (k) the manner in which funds held for the purpose of payment to creditors, and not so paid on the termination of the arrangement, are to be dealt with; (I) the manner in which the business of the company is being and is proposed to be conducted during the course of the arrangement; (m) details of any further credit facilities which it is intended to arrange for the company and how the debts so arising are to be paid; (n) the functions which are to be undertaken by the supervisor of the arrangement; [(o) the name, address and qualification of the person proposed as supervisor of the voluntary arrangement, and confirmation that he is either qualified to act as an insolvency practitioner in relation to the company or is an authorised person in relation to the company][; and (p) whether the EC Regulation will apply and, if so, whether the proceedings will be main proceedings or territorial proceedings]. (3) With the agreement in writing of the nominee, the directors' proposal may be amended at any time up to delivery of the former's report to the court under section 2(2). 1.4 Notice to intended nominee (1) The directors shall give to the intended nominee written notice of their proposal. (2) The notice, accompanied by a copy of the proposal, shall be delivered either to the nominee himself, or to a person authorised to take delivery of documents on his behalf. (3) If the intended nominee agrees to act, he shall cause a copy of the notice to be endorsed to the effect that it has been received by him on a specified date; and the period of 28 days referred to in section 2(2) then runs from that date. (4) The copy of the notice so endorsed shall be returned by the nominee forthwith to the directors at an address specified by them in the notice for that purpose. 1.5 Statement of affairs (1) The directors shall, within 7 days after their proposal is delivered to the nominee, or within such longer time as he may allow, deliver to him a statement of the company's affairs. (2) The statement shall comprise the following particulars (supplementing or amplifying, so far as is necessary for clarifying the state of the company's affairs, those already given in the directors' proposal):--

16 Page 16 (a) a list of the company's assets, divided into such categories as are appropriate for easy identification, with estimated values assigned to each category; (b) in the case of any property on which a claim against the company is wholly or partly secured, particulars of the claim and its amount and of how and when the security was created; (c) the names and addresses of the company's preferential creditors (defined in section 386), with the amounts of their respective claims; (d) the names and addresses of the company's unsecured creditors, with the amounts of their respective claims; (e) particulars of any debts owed by or to the company to or by persons connected with it; (f) the names and addresses of the company's members and details of their respective shareholdings; and (g) such other particulars (if any) as the nominee may in writing require to be furnished for the purposes of making his report to the court on the directors proposal. (3) The statement of affairs shall be made up to a date not earlier than 2 weeks before the date of the notice given by the directors to the nominee under Rule 1.4. However, the nominee may allow an extension of that period to the nearest practicable date (not earlier than 2 months before the date of the notice under Rule 1.4); and if he does so, he shall give his reasons in his report to the court on the directors' proposal. (4) The statement shall be certified as correct, to the best of their knowledge and belief by two or more directors of the company or by the company secretary and at least one director (other than the secretary himself). 1.6 Additional disclosure for assistance of nominee (1) If it appears to the nominee that he cannot properly prepare his report on the basis of information in the directors' proposal and statement of affairs, he may call on the directors to provide him with-- (a) further and better particulars as to the circumstances in which, and the reasons why, the company is insolvent or (as the case may be) threatened with insolvency; (b) particulars of any previous proposals which have been made in respect of the company under Part I of the Act; (c) any further information with respect to the company's affairs which the nominee thinks necessary for the purposes of his report. (2) The nominee may call on the directors to inform him, with respect to any person who is, or at any time in the 2 years preceding the notice under Rule 1.4 has been, a director or

17 Page 17 officer of the company, whether and in what circumstances (in 2 years or previously) that person-- (a) has been concerned in the affairs of any other company (whether or not incorporated in Scotland) which has become insolvent, or (b) has had his estate sequestrated, granted a trust deed for his creditors, been adjudged bankrupt or compounded or entered into an arrangement with his creditors. (3) For the purpose of enabling the nominee to consider their proposal and his report on it, the directors must give him access to the company's accounts and records. 1.7 Nominees report on the proposal (1) With his report to the court under section 2 the nominee shall lodge-- (a) a copy of the directors' proposal (with amendments, if any, authorised under Rule 1.3(3)); (b) a copy or summary of the company's statement of affairs. (2) If the nominee makes known his opinion [that the directors' proposal has a reasonable prospect of being approved and implemented and] that meetings of the company and its creditors should be summoned under section 3, his report shall have annexed to it his comments on the proposal. If his opinion is otherwise, he shall give his reasons for that opinion. (3) The nominee shall send a copy of his report and of his comments (if any) to the company. Any director, member or creditor of the company is entitled, at all reasonable times on any business day, to inspect the report and comments. [1.8 Replacement of nominee] [(1) Where a person other than the nominee intends to apply to the court under section 2(4) for the nominee to be replaced (except in any case where the nominee has died), he shall give to the nominee at least 7 days' notice of his application. (2) Where the nominee intends to apply to the court under section 2(4) to be replaced, he shall give at least 7 days' notice of his application to the person intending to make the proposal. (3) No appointment of a replacement nominee shall be made by the court unless there is lodged in court a statement by the replacement nominee-- (a) indicating his consent to act; and

18 Page 18 (b) that he is qualified to act as an insolvency practitioner in relation to the company or is an authorised person in relation to the company.] 1.9 Summoning of meetings under section 3 (1) If in his report the nominee states that in his opinion meetings of the company and its creditors should be summoned to consider the directors' proposal, the date on which the meetings are to be held shall be not less than 14, nor more than 28 days from the date on which he lodged his report in court under section 2. (2) The notice summoning the meeting shall specify the court in which the nominee's report under section 2 has been lodged and with each notice there shall be sent-- (a) a copy of the directors' proposal; (b) a copy of the statement of affairs or, if the nominee thinks fit, a summary of it (the summary to include a list of creditors and the amount of their debts); and (c) the nominee's comments on the proposal. Chapter 3 Proposal by Administrator or Liquidator where he is the Nominee 1.10 Preparation of proposal The responsible insolvency practitioner's proposal shall specify-- (a) all such matters as under Rule 1.3 [(subject to paragraph (c) below)] in Chapter 2 the directors of the company would be required to include in a proposal by them [with, in addition, where the company is [in administration], the names and addresses of the company's preferential; creditors (defined in section 386) with the amounts of their respective claims,] and (b) such other matters (if any) as the insolvency practitioner considers appropriate for ensuring that members and creditors of the company are enabled to reach an informed decision on the proposal; [(c) the administrator or liquidator shall include, in place of the estimate referred to in Rule 1.3(2)(ca), a statement which contains-- (i) to the best of his knowledge and belief-- (aa) an estimate of the value of the prescribed part (whether or not he proposes to make an application under section 176A(5) or section 176A(3) applies), and (bb) an estimate of the value of the company's net property,

19 Page 19 provided that such estimates shall not be required to include any information the disclosure of which could seriously prejudice the commercial interests of the company, but if such information is excluded the estimates shall be accompanied by a statement to that effect, and (ii) whether, and, if so, why, he proposes to make an application under section 176A(5)] Summoning of meetings under section 3 (1) The responsible insolvency practitioner shall give at least 14 days' notice of the meetings of the company and of its creditors under section 3(2). (2) With each notice summoning the meeting, there shall be sent-- (a) a copy of the responsible insolvency practitioner's proposal; and (b) a copy of the company's statement of affairs or, if he thinks fit, a summary of it (the summary to include a list of the creditors and the amount of their debts). Chapter 4 Proposal by Administrator or Liquidator where Another Insolvency Practitioner is the Nominee 1.12 Preparation of proposal and notice to nominee (1) The responsible insolvency practitioner shall give notice to the intended nominee, and prepare his proposal for a voluntary arrangement, in the same manner as is required of the directors in the case of a proposal by them, under Chapter 2. (2) Rule 1.2 applies to the responsible insolvency practitioner as it applies to the directors; and Rule 1.4 applies as regards the action to be taken by the nominee. (3) The content of the proposal shall be as required by [Rule 1.10], reading references to the directors as referring to the responsible insolvency practiotioner. (4) Rule 1.6 applies, in respect of the information to be provided to the nominee, reading references to the directors as referring to the responsible insolvency practitioner. (5) With the proposal the responsible insolvency practitioner shall provide a copy of the company's statement of affairs. (6) Rules 1.7 to 1.9 apply as regards a proposal under this Chapter as they apply to a proposal under Chapter 2. Chapter 5 Meetings

20 Page General The provisions of Chapter 1 of Part 7 (Meetings) shall apply with regard to the meetings of the company and of the creditors which are summoned under section 3, subject to Rules 1.9, 1.11 and 1.12(6) and the provisions in this Chapter Summoning of meetings (1) In fixing the date, time and place for the creditors' meeting and the company meeting, the person summoning the meetings ("the convenor") shall have regard primarily to the convenience of the creditors. [(2) The meetings may be held on the same day or on different days. If held on the same day, the meetings shall be held in the same place, but in either case the creditors' meeting shall be fixed for a time in advance of the company meeting. (3) Where the meetings are not held on the same day, they shall be held within 7 days of each other.] [1.14A The Chairman at meetings] [(1) Subject as follows, at both the creditors' meeting and the company meeting, and at any combined meeting, the convenor shall be chairman. (2) If for any reason he is unable to attend, he may nominate another person to act as chairman in his place; but a person so nominated must be-- (a) a person qualified to act as an insolvency practitioner in relation to the company; (b) an authorised person in relation to the company; or (c) an employee of the convenor or his firm who is experienced in insolvency matters.] 1.15 Attendance by company officers (1) At least 14 days' notice to attend the meetings shall be given by the convenor to-- (a) all directors of the company, and (b) any persons in whose case the convenor thinks that their presence is required as being officers of the company or as having been directors or officers of it at any time in the 2 years immediately preceding the date of the notice.

21 Page 21 (2) The chairman may, if he thinks fit, exclude any present or former director or officer from attendance at a meeting, either completely or for any part of it; and this applies whether or not a notice under this Rule has been sent to the person excluded. [1.15A Entitlement to vote (creditors)] [(1) Subject as follows, every creditor who has notice of the creditors' meeting is entitled to vote at the meeting or any adjournment of it. (2) Votes are calculated according to the amount of the creditor's debt as at the date of the meeting or, where the company is being wound up or is subject to an administration order, the date of its going into liquidation or (as the case may be) of the administration order. (3) A creditor may vote in respect of a debt for an unliquidated amount or any debt whose value is not ascertained and for the purposes of voting (but not otherwise) his debt shall be valued at 1 unless the chairman agrees to put a higher value on it.] [1.15B Procedure for admission of creditors' claims for voting purposes] [(1) Subject as follows, at any creditors' meeting the chairman shall ascertain the entitlement of persons wishing to vote and shall admit or reject their claims accordingly. (2) The chairman may admit or reject a claim in whole or in part. (3) The chairman's decision on any matter under this Rule or under paragraph (3) of Rule 1.15A is subject to appeal to the court by any creditor or member of the company. (4) If the chairman is in doubt whether a claim should be admitted or rejected, he shall mark it as objected to and allow votes to be cast in respect of it, subject to such votes being subsequently declared invalid if the objection to the claim is sustained. (5) If on an appeal the chairman's decision is reversed or varied, or votes are declared invalid, the court may order another meeting to be summoned, or make such order as it thinks just. The court's power to make an order under this paragraph is exercisable only if it considers that the circumstances giving rise to the appeal give rise to unfair prejudice or material irregularity. (6) An application to the court by way of appeal against the chairman's decision shall not be made after the end of the period of 28 days beginning with the first day on which the report required by section 4(6) has been made to the court. (7) The chairman is not personally liable for any expenses incurred by any person in respect of an appeal under this Rule.]

22 Page 22 [1.16 Adjournments] [(1) If the chairman thinks fit, the creditors' meeting and the company meeting may be held together. (2) The chairman may, and shall if it is so resolved at the meeting in question, adjourn that meeting for not more than 14 days. (3) If there are subsequently further adjournments, the final adjournment shall not be to a day later than 14 days after the date on which the meeting in question was originally held. (4) In the case of a proposal by the directors, if the meetings are adjourned under paragraph (2), notice of the fact shall be given by the nominee forthwith to the court. (5) If following the final adjournment of the creditors' meeting the proposal (with or without modifications) has not been approved by the creditors it is deemed rejected.] 1.17 Report of meetings (1) A report of the meetings shall be prepared by the person who was chairman of them. (2) The report shall-- [(a) state whether the proposal for a voluntary arrangement was approved by the creditors of the company alone or by both the creditors and members of the company and in either case whether such approval was with any modifications]; (b) set out the resolutions which were taken at each meeting, and the decision on each one; (c) list the creditors and members of the company (with their respective values) who were present or represented at the meeting, and how they voted on each resolution;... [(ca) state whether, in the opinion of the supervisor-- (i) the EC Regulation applies to the voluntary arrangement; and (ii) if so, whether the proceedings are main proceedings or territorial proceedings; and] (d) Include such further information (if any) as the chairman thinks it appropriate make known to the court. (3) A copy of the chairman's report shall, within 4 days of the meetings being held, be lodged in court. (4) In respect of each of the meetings the persons to whom notice of the result of the meetings is to be sent under section 4(6) are all those who were sent notice of the meet-

23 Page 23 ing. The notice shall be sent immediately after a copy of the chairman's report is lodged in court under paragraph (3). (5) [If the decision approving the voluntary arrangement has effect under section 4A] (whether or not in the form proposed) the chairman shall forthwith send a copy of the report to the registrar of companies Resolutions to follow approval Chapter 6 Implementation of the Voluntary Arrangement [(1) If the voluntary arrangement is approved (with or without modifications) by the creditors' meeting, a resolution may be taken by the creditors, where two or more supervisors are appointed, on the question whether acts to be done in connection with the arrangement may be done by any one or more of them, or must be done by all of them.] (2)... (3) If at either meeting a resolution is moved for the appointment of some person other than the nominee to be supervisor of the arrangement, there must be produced to the chairman, at or before the meeting-- (a) that person's written consent to act (unless the person is present and then and there signifies his consent), and (b) his written confirmation that he is qualified to act as an insolvency practitioner in relation to the company [or is an authorised person in relation to the company]. [1.18A Notice of order made under section 4A(6)] [(1) This Rule applies where the court makes an order under section 4A(6). (2) The member of the company who applied for the order shall serve certified copies of it on-- (a) the supervisor of the voluntary arrangement; and (b) the directors of the company. (3) Service on the directors may be effected by service of a single copy on the company at its registered office. (4) The directors or (as the case may be) the supervisor shall forthwith after receiving a copy of the court's order, give notice of it to all persons who were sent notice of the creditors' or company meetings or who, not having been sent such notice, are affected by the order.

24 Page 24 (5) The person on whose application the order of the court was made shall, within 7 days of the order, deliver a certified copy interlocutor to the registrar of companies.] 1.19 Hand-over of property, etc to supervisor (1) [Where the decision approving the voluntary arrangement has effect under section 4A], the directors or, where-- (a) the company is in liquidation or is [in administration], and (b) a person other than the responsible insolvency practitioner is appointed as supervisor of the voluntary arrangement, the responsible insolvency practitioner, shall forthwith do all that is required for putting the supervisor into possession of the assets included in the arrangement. (2) Where paragraph (1)(a) and (b) applies, the supervisor shall, on taking possession of the assets, discharge any balance due to the responsible insolvency practitioner by way of remuneration or on account of-- (a) fees, costs, charges and expenses properly incurred and payable under the Act or the Rules, and (b) any advances made in respect of the company, together with interest on such advances at the official rate (within the meaning of Rule 4.66(2)(b)) ruling at the date on which the company went into liquidation or (as the case may be) [entered administration]. (3) Alternatively, the supervisor shall, before taking possession, give the responsible insolvency practitioner a written undertaking to discharge any such balance out of the first realisation of assets. (4) The sums due to the responsible insolvency practitioner as above shall be paid out of the assets included in the arrangement in priority to all other sums payable out of those assets, subject only to the deduction from realisations by the supervisor of the proper costs and expenses of such realisations. (5) The supervisor shall from time to time out of the realisation of assets discharge all cautionary obligations (including guarantees) properly given by the responsible insolvency practitioner for the benefit of the company and shall pay all the responsible insolvency practitioner's expenses Revocation or suspension of the arrangement (1) This Rule applies where the court makes an order of revocation or suspension under section 6.

25 Page 25 (2) The person who applied for the order shall serve copies of it-- (a) on the supervisor of the voluntary arrangement, and (b) on the directors of the company or the administrator or liquidator (according to who made the proposal for the arrangement). Service on the directors may be effected by service of a single copy of the order on the company at its registered office. (3) If the order includes a direction given by the court, under section 6(4)(b), for any further meetings to be summoned, notice shall also be given by the person who applied for the order to whoever is, in accordance with the direction, required to summon the meetings. (4) The directors or (as the case may be) the administrator or liquidator shall-- (a) forthwith after receiving a copy of the court's order, give notice of it to all persons who were sent notice of the creditors' and the company meetings or who, not having been sent that notice, appear to be affected by the order; and (b) within 7 days of their receiving a copy of the order (or within such longer period as the court may allow), give notice to the court whether it is intended to make a revised proposal to the company and its creditors, or to invite re-consideration of the original proposal. (5) The person on whose application the order of revocation or suspension was made shall, within 7 days after the making of the order, deliver a copy of the order to the registrar of companies Supervisor's accounts and reports (1) Where the voluntary arrangement authorises or requires the supervisor-- (a) to carry on the business of the company, or to trade on its behalf or in its name, or (b) to realise assets of the company, or (c) otherwise to administer or dispose of any of its funds, he shall keep accounts and records of his acts and dealings in and in connection with the arrangement, including in particular records of all receipts and payments of money. (2) The supervisor shall, not less often than once in every 12 months beginning with the date of his appointment, prepare an abstract of such receipts and payments and send copies of it, accompanied by his comments on the progress and efficacy of the arrangement, to--

26 Page 26 the court, the registrar of companies, the company, all those of the company's creditors who are bound by the arrangement, subject to paragraph (5) below, the members of the company who are so bound, where the company is not in liquidation, the company's auditors for the time be- (a) (b) (c) (d) (e) and (f) ing. If in any period of 12 months he has made no payments and had no receipts, he shall at the end of that period send a statement to that effect to all those specified in subparagraphs (a) to (f) above. (3) An abstract provided under paragraph (2) shall relate to a period beginning with the date of the supervisor's appointment or (as the case may be) the day following the end of the last period for which an abstract was prepared under this Rule; and copies of the abstract shall be sent out, as required by paragraph (2), within the two months following the end of the period to which the abstract relates. (4) If the supervisor is not authorised as mentioned in paragraph (1), he shall, not less often than once in every 12 months beginning with the date of his appointment, send to all those specified in paragraphs 2(a) to (f) a report on the progress and efficacy of the voluntary arrangement. (5) The court may, on application by the supervisor,-- (a) dispense with the sending under this Rule of abstracts or reports to members of the company, either altogether or on the basis that the availability of the abstract or report to members on request is to be advertised by the supervisor in a specified manner; (b) vary the dates on which the obligation to send abstracts or reports arises Fees, costs, charges and expenses The fees, costs, charges and expenses that may be incurred for any of the of a voluntary arrangement are-- (a) any disbursements made by the nominee prior to the [decision approving the arrangement taking effect under section 4A], and any remuneration for his services as is agreed between himself and the company (or, as the case may be, the administrator or liquidator); (b) any fees, costs, charges or expenses which-- (i) are sanctioned by the terms of the arrangement, or

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